Bonus: One super money-saving trick you have never heard of before anywhere else!
In today’s episode, we will speak to my friend Dee from Kids Money Academy.
I met Dee through the Fincon community and her vibrant personality already shined through when she introduced herself. She mentioned her website which directly intrigued me as I believe that teaching kids about money is very important for their future.
We will mainly discuss the importance of instilling a positive money mindset to your kids from a young age and give you some solid tips on how to get started. Dee will also share advice on how to talk to your kids about the current coronavirus situation. We will touch upon the Kids Money Academy as well and we end the show with a special money-saving tip you would never have thought of before 😉! (It will not apply to everyone though)
This episode is for you if you are a parent (future parent) of young kids and want to help them grasp money concepts early on and help them develop an abundant money mindset.
- Everything starts at home and money stories (abundance vs. scarcity mindset) are being written already by the time your kid turns 7.
- The best way to teach kids about money is to share stories and not to lecture them (this is pretty similar advice as Doug Nordman mentioned).
- When Dee and I were kids, there was no internet and thus not as many resources available to our parents (and your parents). So do not blame them for lack of education or “wrong money mindset”, they did the best they could with what they had. Now it is your turn to get your and your kids’ finances in order!
- Keeping a positive attitude during the COVID-19 period for parents
- Be honest about the situation, the changes that occurred (job loss, etc), and use the unfortunately/fortunately technique – Tell the sad news and then move on to the positive.
- Limit TV time and help them plan a better future.
- Show you can manage your own stress in a positive way (they are watching, remember)
- Practice gratitude with them
- Money-saving tip: If you have a large garden buy 2 alpacas, the return on investment in time and money is well worth the initial investment!
Who is Dee?
Dee is a CPA and Finance Instructor at UCLA. She is also the Founder of Kids Money Academy, an organization and financial literacy movement that helps parents raise money-savvy kids.
Kids Money Academy shows parents HOW to have positive conversations about financial literacy with their children beginning from age 4 to 18 years old. Through the Positive Money Loop™ framework, parents learn how to provide financial education and give their children the control to make their own money decisions. This way, children can see the impact of their choices and continue to receive positive reinforcement for establishing healthy financial habits for a lifetime.
The mission of Kids Money Academy is to reach as many parents and kids as possible from all walks of life to create an abundance money mindset and legacy for wealth.
Dee immigrated to the United States by herself at the age of 23 years old. She endured and overcame language barriers and many personal challenges to create a thriving career and financial success. Now she is a wife, CPA, and mom of two who is passionate about helping other parents raise happy and money savvy children.
Dee’s passion for education and children extends to international philanthropic endeavors. In 2018, she raised $25K in 8 months for Pencils of Promise, an organization that builds new schools within the Volta Region of Ghana, Africa. Dee’s contribution enabled the Hohoe Bethel Methodist Primary School to be built and will impact an estimated 931 students who now have access to a new, six-classroom school.
- Blog: Kids Money Academy
- Instagram: @kidsmoneyacademy
- Book recommendation: Man’s Search for Meaning
- Best purchase under 100 USD/GBP: Instacart sounds like a no-brainer to me (let me know if there is anything similar in your country!)
- Bonus article on saving Money for teenagers: 7 Ways to Save Money as a Teenager
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